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2024-03-31-accounts

The Sacred Hearts Sisters 1983 Charitable Fund

Annual Report and Accounts

31 March 2024

Charity Registration Number 287232

Contents

Reports

Reports
Reference and administrative details
of the charity, its trustees and advisers 1
Report of the trustees 2
Independent auditor’s report 19
Accounts
Statement of financial activities 24
Balance sheet 25
Statement of cash flows 26
Principal accounting policies 27
Notes to the accounts 32

The Sacred Hearts Sisters 1983 Charitable Fund

Reference and administrative details of the charity, its trustees and advisers

Trustees Sister Rosemary Clerkin
Sister Kathleen Corbett
Sister Elizabeth Dawson
Sister Mary Catherine Macinnes
Sister Julie Rose
The General Treasurer Sister Elizabeth Dawson
Principal address Chigwell Convent
803 Chigwell Road
Woodford Bridge
Essex
IG8 8AU
Telephone 020 8504 1624
Website www.sacredheartsjm.org
Charity registration number 287232
Auditor Buzzacott LLP
130 Wood Street
London
EC2V 6DL
Bankers HSBC plc
91 High Street
Brentwood
Essex
CM1 4RU
Solicitors Stone King LLP
Upper Borough Court (UBC)
Upper Borough Walls
Bath
BA1 1RG
Insurance Brokers PIB Insurance Brokers Limited
Poppleton Grange
Low Poppleton Lane
York
YO26 6GZ

The Sacred Hearts Sisters 1983 Charitable Fund 1

Trustees’ report 31 March 2024

The trustees present their statutory report together with the accounts of the Sacred Hearts Sisters 1983 Charitable Fund (the charity) for the year ended 31 March 2024.

The accounts have been prepared in accordance with the accounting policies set out on pages 27 to 31 and comply with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The principles set out in Statement of Recommended Practice on “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102)”.

Introduction

The Congregation of the Sisters of the Sacred Hearts of Jesus and Mary (the Congregation) is an International Roman Catholic Religious Congregation supporting 101 sisters worldwide. It was founded in France in 1866. The United Kingdom Congregation became an independent entity in 1903 and has its headquarters at Chigwell Convent in Essex.

The sisters have, over the years, engaged in a variety of services for the poor and deprived, and serve in the United Kingdom, Ireland, USA, Zambia, Uganda, El Salvador and the Philippines.

The Vision and Mission Statement of the Sisters is:

“Joyful co-creators sharing God’s unconditional love in our wounded

world”

“We, the Sisters of the Sacred Hearts of Jesus and Mary,

urged by the compassion of Christ

and responsive to the anguish of Peoples and Planet,

are called to help shape Communities

of Gentleness, Justice and Peace

that witness to the healing, liberating and empowering

love of God.”

Mission

The Sacred Hearts Sisters 1983 Charitable Trust continues to support the main activity of education and running two schools, St John’s Special School, Chigwell and Pield Heath House School, Uxbridge.

The Sacred Hearts Sisters 1983 Charitable Fund 2

Trustees’ report 31 March 2024

Activities, achievements, specific objectives and relevant policies

Education

The trustees are responsible for both schools providing education and care of pupils with special needs. Both schools throughout the year, following on from last year, continue to have discussions with external partners, local diocese and the Catholic Education Service in terms of future governance and leadership.

Pield Heath House School, Uxbridge

Pield Heath House School in a non-maintained, co-educational school for young people with special educational needs between the ages of 7 and 19 years, recognised by the Department for Education and under the trusteeship of The Sacred Hearts Sisters 1983 Charitable Fund.

The school offers day, residential and respite provision to young people with moderate to severe learning difficulties, autistic spectrum disorders and associated speech, language and communication difficulties within a warm and caring environment where daily life is underpinned by Christian principles.

Since its foundation in 1901, Pield Heath House School has helped young people with learning difficulties to develop their full potential. They have a highly skilled and deeply committed team that prides itself on providing a holistic approach to education, within a caring, spiritual environment where every young person is of equal importance, valued for what they are and encouraged to reach their maximum potential. The staff are passionate in their work with the young people to encourage their progress, celebrate their achievements and inspire confidence in their futures, in close partnership with parents and carers. The school’s main purpose is to maximise students’ life experience to enable their independence and inclusion in the wider community.

During the financial year 2023-24 the number of students reduced from 100 in September 2023 to 98 in March 2024 due to relocation and a student leaving due to medical reasons. The majority of students continue to come from Hillingdon Local Authority. All students have an Education Health and Care Plan which outlines their needs and the provision required to meet those individual needs. Students needs range from moderate to severe and complex learning needs and difficulties in speech language and communication and sensory processing needs. Students referred are increasingly complex in need requiring staff with specialised knowledge and experience and an increase in the number of support staff required.

As of 31 March 2024, students attending the school came from the following Local Authorities:

Barnet Brent Bucks Hertfordshire Harrow Hillingdon Hounslow Slough Other
2 4 2 2 6 63 13 4 2

The Sacred Hearts Sisters 1983 Charitable Fund 3

Trustees’ report 31 March 2024

Activities, achievements, specific objectives and relevant policies (continued)

Education (continued)

Pield Heath House School, Uxbridge (continued)

The school continues to offer a broad and balanced curriculum. The Curriculum Intent is to “Prepare for life beyond school” and the three curriculum pathways are designed to lead to each pupil’s most likely destination when they leave. Pathway 1 or the pre-formal curriculum, for those with most complex needs, Pathway 2 or semi-formal curriculum for those who need a mixture of developmental and formal curricula and Pathway 3 or formal curriculum for those who are likely to move on to training and employment.

Staff have devised assessment frameworks to complement these and the use of Evidence for Learning, an application to track the progress of children and young people towards outcomes as set out in their Education, Health and Care Plans (EHCPs). The applications parent portal facilitates engagement with families which continues to improve since its introduction. Students achieve accreditation in ASDAN Transition Challenge, ASDAN Bronze Award, Functional Skills Entry Level OCR 1, 2 or 3 and Art Entry Level Exams. The school uses Positive Behaviour Support (PBS), a values-led, person-centred approach that seeks to understand behaviours and change systems and culture. ‘The Thrive Approach’, a social and emotional assessment and intervention programme continues to inform EHCP. The school employs a full-time occupational therapist and a speech therapist, and has capacity for 2 OT’s and 3 Speech and Language Therapists.

Pathway 2 and 3 students continue to develop important vocational and transferable workbased skills.

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Trustees’ report 31 March 2024

Activities, achievements, specific objectives and relevant policies (continued)

Education (continued)

Pield Heath House School, Uxbridge (continued)

Students value their work placements at The Well, the school Community Café and look forward to developing their employability skills during their allocated times serving the school customers.

Students are encouraged and supported to understand sustainability which is a key element across the curriculum and the school’s newly formed Eco Committee encourages many of the cross-curriculum projects involving recycling of materials, home growing and handmade items.

Pathway three students attend successful work experience in the hospitality department at Brunel University and attend external college links, in preparation for their transition to Post 19.

The Sacred Hearts Sisters 1983 Charitable Fund 5

Trustees’ report 31 March 2024

Activities, achievements, specific objectives and relevant policies (continued)

Education (continued)

Pield Heath House School, Uxbridge (continued)

Personnel

A review of the administration and operations started in July 2024. The purpose of this consultation process was to review cost effectiveness and enhanced financial procedures within a more sustainable financial model.

The Data Administrator and Facilities Manager roles were made redundant and a School Administrator was appointed in October 2023. In September 2023 a caretaker was appointed and a Finance Officer in January 2023.

The new structure included the appointment of a Finance Manager and an Operations Manager in the place of the School Business Manager.

The school continues to rely heavily on supply for support staff. A few supply staff have been appointed permanently. An Assistant Principal and an English Lead were also appointed.

School improvements

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Trustees’ report 31 March 2024

Activities, achievements, specific objectives and relevant policies (continued)

Education (continued)

Pield Heath House School, Uxbridge (continued)

Future Plans

St John’s Special School, Chigwell

St John’s RC School is a non-maintained special school offering day provision for pupils aged 5 to 19 with a wide range of needs including moderate to severe learning difficulties, autistic spectrum disorder (ASD) and those with associated speech, language and communication difficulties. The school continues to be very popular with parents and Local Education Authorities (LEAs), with 99 pupils on roll. Based in Woodford Green, Essex the school has students from across the county as well as the London Boroughs. Although a Roman Catholic school, St John’s welcomes pupils from all faiths and backgrounds.

Since September 2015, St John’s has been in partnership with New City College and provides a 19-25 provision for those students who are not quite ready for mainstream

The Sacred Hearts Sisters 1983 Charitable Fund 7

Trustees’ report 31 March 2024

Activities, achievements, specific objectives and relevant policies (continued)

Education (continued)

St John’s Special School, Chigwell (continued)

college aiming to bridge this gap by meeting their individual needs. The post-19 provision continues to be very successful.

St John’s continues to be a very popular school with parents and local authorities with 100 pupils on role. The School caters for the educational needs of pupils with moderate to severe learning difficulties relating to communication and behaviour.

The number of students with language and communication difficulties is still increasing and we have a large percentage of students with Autism and downs syndrome.

Currently the following local Education Authorities (LEAs) place children at St John’s:

Redbridge Enfield Newham Waltham
Forest		 Tower
Hamlets		 Hackney Essex Other
47 10 6 15 9 3 4 4

Progress

The School continues to offer a broad and balanced curriculum, which meets the needs of our young people and promotes preparation for adulthood. The curriculum is very diverse and offers a range of subjects that are delivered in such a way that students can experience success and enjoyment whilst learning important life skills.

We like the students to experience activities off site as well as on the premises trying to make the best use of our outdoor spaces. We have been very lucky in the past two years having the use of a tennis coach provided free from Essex county council for one day a week. We continue to offer horticulture as part of the curriculum and our Forest schools is proving very popular with all of the students.

The school still uses Lambourne end centre for outdoor learning where the students take part in the food for thought programme of study as well as having taster sessions in animal husbandry.

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Trustees’ report 31 March 2024

Activities, achievements, specific objectives and relevant policies (continued)

Education (continued)

St John’s Special School, Chigwell (continued)

Progress (continued)

The sailing at Fairlop waters is equally as popular and this year all of the key stage 4 and 5 students have been given the opportunity to experience sailing or canoeing.

The students below are working outside collecting soil from the compost, sieving the soil ready to plant vegetables. The photograph below shows one of the students preparing the vegetables in Food Technology that have been ground in the school garden.

The sixth form students who follow the more formal curriculum have all completed their BTEC accreditation and the formal curriculum students in key stage 4 completed their Asdan and AQA awards.

The students below are working at Lambourne end activity centre, they are encouraged to work with the livestock and all the students take part in the “Food for thought “, programme of study, which involves them preparing the ground for growing fruit and vegetables.

Sometimes they just have fun in the activity areas.

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Report of the trustees Year to 31 March 2024

Activities, achievements, specific objectives and relevant policies (continued)

Education (continued)

St John’s Special School, Chigwell (continued)

Pupils

The school currently has 98 pupils on role from 11 different local authorities. We receive a number of referrals throughout the year and we are currently full for September 2024, depending on confirmation of funding. We have a number of referrals for placements on a daily basis but obviously as we are currently at capacity we have a waiting list of pupils wishing to attend the school.

Personnel

The staff turnover continues to remain quite low, we have a few members of staff retiring this year but have successfully recruited replacements. We do still rely heavily on agency staff to cover staff absences both planned and unplanned but this does frequently work in our favour as we offer permanent positions to those staff who work well with our students and staff.

In total we now employ 105 staff across the school and Post 19 college.

School improvements

We haven’t undertaken any major improvements this year other than decorating some areas of the school

Future Plans

The School continues to develop and invest in facilities, buildings and people. This requires financial resources and so the trustees, governors and senior management are content with the level of free reserves which they consider adequate but not excessive.

The school computers are now quite old and we are in the process of revamping all of the PCs this is a big under taking and is a major and necessary investment that needs to be made by the school. The school server will potentially also require updating in the near future.

Employees

Both schools strive to be equal opportunities employers and apply objective criteria to assess merit. They aim to ensure that no job applicant or employee receives less favourable treatment on the grounds of age, race, colour, nationality, religion, ethnic or national origin, gender, marital status, sexual orientation or disability.

Selection criteria and procedures are reviewed to ensure that individuals are selected, promoted and treated on the basis of their relevant merits and abilities. All employees are given equal opportunity and, where appropriate and possible, special training to enable them to progress both within and outside the organisation.

The Sacred Hearts Sisters 1983 Charitable Fund 10

Report of the trustees Year to 31 March 2024

Financial review

Results for the year

A summary of the year’s results can be found on page 24 of this report and accounts.

The statement of financial activities shows net expenditure and a decrease in funds during the year of £363,567 (2023 – net decrease of £63,418) with total income amounting to £9,622,537 (2023 – £9,290,641) and expenditure totalling £9,986,104 (2023 – £9,354,059).

Total income includes £9,440,784 (2023 – £9,224,216) of education fees and related charges generated by the charity’s educational establishments.

Other income includes donations and sundry income in the year.

Total expenditure comprises expenditure on the charity’s schools and educational establishments of £9,986,104 (2023 – £9,354,059). The majority of expenditure relates to staff costs at the two schools which totalled £8,012,403 (2023 – £7,447,609).

Deducting expenditure from income for the year gives a net expenditure figure for the year of £363,567 (2023 – net expenditure £63,418). One of the reasons for this deficit in the year relates to the increase in staff costs, it is hoped that a restructure of staffing at Pield Heath House School during 2023-2024 and a 12.5% increase in fees will help to avoid a deficit in the year ahead.

Reserves policy and financial position

Reserves policy

The trustees of the charity have examined the need for free reserves i.e. those unrestricted funds not invested in tangible fixed assets, designated for specific purposes or otherwise committed. The trustees consider that, given the nature of the charity’s work going forward in respect to education, the level of free reserves should be between 3 and 6 months’ projected expenditure.

Financial position

The charity balance sheet shows total reserves of £6,145,474 (2023 – £6,509,041).

Included in this figure was an amount of £657,492 (2023 – £750,531) which was restricted. These monies had either been raised for, and their use restricted to specific purposes, or they comprised donations subject to donor imposed conditions. Full details of these restricted funds can be found in note 13 to the accounts, together with an analysis of movements in the year.

The tangible fixed assets fund totals £1,765,792 (2023 – £1,926,612) and is represented by those tangible fixed assets not financed out of restricted funds.

The balance of general funds at 31 March 2024 was £3,722,190 (2023 – £3,831,898). These funds are deemed sufficient by the trustees being consistent with the reserves policy set out above.

The Sacred Hearts Sisters 1983 Charitable Fund 11

Report of the trustees Year to 31 March 2024

Governance, structure and management

Governance

In terms of Civil law, the charity is governed by a trust deed dated 23 May 1983 and is a registered charity, Charity Registration No. 287232. The trustees of the charity are appointed by the Congregational Leader (the Congregational Leader is appointed in terms of canon law and is elected every six years at a General Chapter which is a meeting of representatives from all areas of the Congregation). All trustees are members of the Congregation and have a detailed knowledge of the work of the charity and of its structure. On being appointed, new trustees spend some time with those trustees leaving office. They also meet with the Congregation’s Professional advisers in order to obtain a full briefing of their responsibilities and the charity’s position. They have also attended appropriate study days..

During the year all or some of the trustees attended:

The names of the trustees who served during the year are set out as part of the reference and administrative details on page 1 of this annual report and accounts. Brief biographical details on each of the trustees in office at the date on which this report was signed are given below:

Sister Kathleen Corbett

Sister Kathleen entered the Congregation in September 1964. After qualifying as a State Registered Nurse she worked as a theatre nurse in St Winefred’s Hospital Cardiff from 1974 until 1978. She joined the staff of our Convalescent Home in Kelton, Aigurth, Liverpool and worked there until 1985. She followed a course in tropical medicine and obtained a certificate in Tropical Medicine at Liverpool School of Tropical Medicine, University of Liverpool. In 1986 she was missioned to Zambia where she worked for twenty years.

On returning to the UK she obtained a Certificate in Further Education at the University of Wales. She returned to Zambia and was appointed Principal of the School of Nursing in Chilonga Hospital. She remained in post until she was made Matron of Chilonga Hospital, Mpika, Zambia.

Sister Kathleen was then appointed to the role of superior/administrator of our mission in Mbala, Zambia. She attended a Training for Formation programme in Kalundu Study Centre, Lusaka and has, since 1989 been involved in administration and formation within the Congregation. She spent two years in Uganda doing Pastoral Ministry in Mukono. Returning to the UK in 2009 she took up the post of Superior in our Residential Care Home in Herne Bay. Since 2009 she has been involved in the formation programme of our newer members. She was elected to the Leadership Team in August 2014.

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Report of the trustees Year to 31 March 2024

Governance, structure and management (continued)

Governance (continued)

Sister Rosemary Clerkin

Sister Rosemary Clerkin entered the Congregation in November 1953. Having completed her Novitiate training she trained as a teacher at Notre Dame College of Eduaction in Liverpool (1956–1958) and subsequently taught in St.Mary’s School Pembroke Dock Wales (1958–1966). In 1968, having completed a Diploma in the Teaching of Maladjusted children & Young people at the Institute of Education, University College London, she taught for four years in St. Laurence’s Home Office Approved School for girls in Frant Sussex.

She was appointed Principal of Allerton Priory School for Girls with Special Educational Needs.(1972–1978). Sister Rosemary was appointed to the Congregation’s Formation Programme In 1990 and in 1990 became Superior of Sacred Heart Convent Dagenham. During this time she set up a Day Centre with Nursery for Refugees & Asylum seekers, since known as Harmony House. From 1996–2008 she was a member of the Leadership Team. Since then she has been a member of the Pield Heath community in Uxbridge, where she continues research into the Congregation’s history.

Sister Elizabeth Dawson

Sister Elizabeth Dawson entered the Congregation in January 1965. After qualifying as a teacher in 1974 she taught at St John’s Special School, gaining a diploma in teaching Special Needs in 1978. In 1985 Sister Elizabeth transferred to Pontville Residential Special School in Ormskirk, Lancashire where she was head teacher.

In 1995, Sister Elizabeth went to Zambia and for five years lectured at the Zambian Institute of Special Education (ZAMISE), an in-service College for teachers training to teach children with special educational needs. From 2000, she was engaged in developing Bauleni Street Kids Project which caters for children and young people who are orphaned, vulnerable or disabled. In August 2008, she was elected as Congregational Leader.

After competing her term of office in August 2014 Sister Elizabeth went to Cebu, Philippines where she initiated a ‘Home/School Education Programme’ for children and young people with complex disabilities who were not able to attend a special education provided by the state.

She returned to England in December 2016 to take up the role of Community Leader in Marian House, Uxbridge, a community for our senior sisters. In March 2022 she was appointed Treasurer General for the Congregation and returned to live in the Chigwell Community.

The Sacred Hearts Sisters 1983 Charitable Fund 13

Report of the trustees Year to 31 March 2024

Governance, structure and management (continued)

Governance (continued)

Sister Mary Cathie MacInnes

Sister Mary Cathie entered the Congregation in the year 2000 from the island of Eriskay in the Western Isles. Before joining the Congregation Sister Mary Cathie worked in the retail business and on the domestic care side of the local Hospital. In 2000 when she left the Western Isles she worked in Pield Heath Special School, gaining experience in teaching youngsters with special educational needs. In 2003 Sister Mary Cathie attended Uxbridge College where she attained a PCET in 2005 for her future role teaching Post 16 adults with Special Educational Needs. In 2006, Sister Mary Cathie was then missioned to Zambia where she opened a Unit for Post 16 Adults with Educational Needs and later in 2009 she became a Director of the Pastoral Needs of the School. In 2013 Sister Mary Cathie returned to the UK to fulfil a pastoral role in a parish in the East End of London until 2015. In 2015 she joined the Community in the Congregation’s House of Prayer in North Wales where she continues her pastoral care in the local community and is involved in the running of the House of Prayer as a member of a Team of 6.

Sister Julie Rose

Sister Julie entered the Congregation in 1986 having already obtained her teaching certificate from St Mary’s, Strawberry Hill, in 1979 and her diploma in Special Needs in 1984 from the North East London Polytechnic Barking. She gained her MA in Education from Brunel University in 2006. She has taught in St John’s Special School, Chigwell and for many years was the Principal of Pield Heath Special School. Sister Julie served on the Congregational Leadership Team from 2002 until 2014 and during that time was a trustee of the UK Charity and Director of the Irish Trust and continued to be the Co-ordinator for the 2 Special Schools.

Sister Julie was elected as Congregational Leader at the Chapter in 2021, prior to her election as Congregational Leader she was the Executive Principal of both special schools, supporting trustees and governors in strategic planning and governance.

Trustees’ responsibilities

The trustees are responsible for preparing the trustees’ report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these accounts, the trustees are required to:

The Sacred Hearts Sisters 1983 Charitable Fund 14

Report of the trustees Year to 31 March 2024

Governance, structure and management (continued)

Trustees’ responsibilities (continued)

The trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the applicable Charity (Accounts and Reports) Regulations and the provisions of the charity’s trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Key management

The trustees consider that they together with the Headteachers of the schools, comprise the key management of the charity in charge of directing and controlling, running and operating the charity on a day to day basis.

All trustees are members of the Congregation they receive no remuneration or reimbursement of expenses in connection with their duties as trustees or key management.

The pay of the Headteachers of the schools is reviewed by the governors and is based on the school Teachers Pay and Conditions Document and Statutory Regulations affecting the employment and conduct of teaching staff, and for associate staff the National Joint Council for Local Government Services Terms and Conditions.

Structure and management reporting

The trustees are ultimately responsible for the policies, activities and assets of the charity. They meet regularly to review developments with regard to the charity or its activities and make any important decisions. When necessary, the trustees seek advice and support from the charity’s professional advisers. The day-to-day management of the charity’s activities, and the implementation of policies, is delegated to the senior staff and Governors.

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Report of the trustees Year to 31 March 2024

Governance, structure and management (continued)

Working with other organisations

The charity has worked closely with other organisations, charities and public bodies. Working together enhances communication and understanding thus enabling our services and ministries to provide more efficiently and effectively and avoids the duplication of effort. Some of the organisations with which the charity has cooperated during the year are as follows:

Public Benefit

Both the charity and the religious Congregation are called to serve by the words of the founder of the Congregation, Father Victor Braun:

“There are two things in life, Jesus Christ and the poorest of God’s people”

The main area in which the charity has provided public benefit is in its educational activities. While the Congregation is no longer able to provide teaching by Sisters in the UK, the work of our schools, all focused on pupils with special needs, continues to produce excellent results. All pupils are assessed by Local Authorities.

Both schools maintain a Catholic ethos, whilst welcoming pupils from all faiths and religious backgrounds. Members of the Congregation, all with many years of specialist experience, voluntarily serve on the schools’ boards of governors, providing guidance and assistance as required.

One Sister was Executive Principal of the two schools (until 31 March 2022) and attended all Governors’ meetings, interviews and deals with all legal matters pertaining to employment and training of staff. She reported to the trustees every three months. This Sister became the Congregational Leader and trustee on the 2 February 2022 and is still attending all Governors meetings to be able to report back to the remaining trustees.

Risk management

In line with the requirement for trustees to undertake a risk assessment exercise and report on the same in their annual report, the trustees have looked at the risks and have reviewed the measures already in place, or needing to be put in place, to deal with them.

The trustees and governors continue to review and update the risks as well as the documents and procedures in place.

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Report of the trustees Year to 31 March 2024

Governance, structure and management (continued)

Risk management (continued)

The trustees have identified the following main areas of risk which may impact on the charity:

Governance and management

Safeguarding

Financial

Reputational

Operational

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Report of the trustees Year to 31 March 2024

Governance, structure and management (continued)

Risk management (continued)

Operational (continued)

Having assessed the major risks to which the charity is exposed, the trustees believe that by monitoring reserve levels, by ensuring controls exist over key financial systems and by examining the operational and business risks faced by the charity, they have established effective systems to mitigate those risks.

Fundraising statement

We manage our own fundraising activities and do not employ the services of a Professional Fundraiser. Any complaints about the quality of our fundraising activities are thoroughly investigated so that we find ways to improve the service. During the year ending 31 March 2024 we have not received any complaints.

Some of our funding comes from voluntary donations. The trustees are vigilant in applying the donations according to the wishes of the donors. The charity applies best practice to protect donors’ data and never sells data, it never swaps data with other organisations, and ensures that its communication preferences can be changed at any time.

Summary and acknowledgements

This report is a brief summary of the work of the charity during the year to 31 March 2024. The accompanying accounts with this report show the movement of funds in the year ended 31 March 2024.

The trustees wish to record their recognition of the professionalism and commitment of all their staff, volunteers and the individual members of the Congregation who are involved with the schools. Their dedication and positive approach are very much appreciated.

We wish also to record our thanks to the professional bodies on whose advice and expertise we rely.

Approved by the trustees and signed on their behalf by:

Sister Julie Rose

Trustee

Approved by the trustees on: 18 December 2024

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Independent auditor’s report 31 March 2024

Independent auditor’s report to the trustees of The Sacred Hearts Sisters 1983 Charitable Fund

Opinion

We have audited the accounts of The Sacred Hearts Sisters 1983 Charitable Fund (the ‘charity’) for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the accounts:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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Independent auditor’s report 31 March 2024

Other information

The other information comprises the information included in the Annual Report and Accounts, including the trustees’ report, other than the accounts and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the accounts themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on pages 14 to 15, the trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

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Independent auditor’s report 31 March 2024

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We assessed the susceptibility of the charity’s accounts to material misstatement, including obtaining an understanding of how fraud might occur, by:

The Sacred Hearts Sisters 1983 Charitable Fund 21

Independent auditor’s report 31 March 2024

Auditor’s responsibilities for the audit of the financial statements (continued) To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

The Sacred Hearts Sisters 1983 Charitable Fund 22

Independent auditor’s report 31 March 2024

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL

Date: 20 December 2024

Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

The Sacred Hearts Sisters 1983 Charitable Fund 23

Statement of financial activities Year to 31 March 2024

Notes
Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
2024
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
2023
£
Income from:
Donations and legacies
1
Bank interest
Charitable activities
. Provision of education
2
Other sources
. Surplus on disposal of fixed assets
. Miscellaneous income
3
Total income
Expenditure on:
Charitable activities
. Provision of education
4
Total expenditure
Net (expenditure) income and net
movement in funds
7
Reconciliation of funds:
Fund balances brought forward
at 1 April 2023
Fund balances carried forward
at 31 March 2024
6,167
34,000

8,963,692
6,547

102,421		 10,637
—
477,092
—
21,981		 16,804
34,000
9,440,784
6,547
124,402		 5,349
—
8,767,197
—
46,075		 5,083
—
457,019
—
9,918		 10,432
—
9,224,216
—
55,993
9,112,827 509,710 9,622,537 8,818,621 472,020 9,290,641

9,383,355		 602,749 9,986,104 8,919,813 434,246 9,354,059
9,383,355 602,749 9,986,104 8,919,813 434,246 9,354,059

(270,528)
5,758,510		 (93,039)
750,531		 (363,567)
6,509,041		 (101,192)
5,859,702		 37,774
712,757		 (63,418)
6,572,459
5,487,982 657,492 6,145,474 5,758,510 750,531 6,509,041

All recognised gains and losses are included in the above statement of financial activities.

All of the charity’s activities in the above two financial periods derived from continuing operations.

The Sacred Hearts Sisters 1983 Charitable Fund 24

Balance sheet 31 March 2024

Notes 2024
£		 2024
£		 2023
£		 2023
£
Fixed assets
Tangible assets
10
Current assets
Debtors
11
Cash at bank and in hand
Liabilities:
Creditors: amounts falling due
within one year
12
Net current assets
Total net assets
The funds of the charity
Restricted funds
13
Unrestricted funds
. Tangible fixed assets fund
14
. General fund		 578,189
3,636,306		 2,347,692
3,797,782		 548,840
3,831,526		 2,531,065
3,977,976
4,214,495
(416,713)		 4,380,366
(402,390)
1,765,792
3,722,190		 1,926,612
3,831,898
6,145,474 6,509,041
657,492
5,487,982		 750,531
5,758,510
6,145,474 6,509,041

Approved by the trustees and signed on their behalf by:

Sister Julie Rose

Trustee

Approved on: 18 December 2024

The Sacred Hearts Sisters 1983 Charitable Fund 25

Statement of cash flows Year to 31 March 2024

Notes
2024
£		 2023
£
Cash flows from operating activities:
Net cash (used in) provided by operating activities
A
Cash flows from investing activities:
Interest received
Purchase of tangible fixed assets
Proceeds from disposal of fixed assets
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 April 2023
B
Cash and cash equivalents at 31 March 2024
B
(86,950)		 517,485
34,000
(148,819)
6,549		 —
(266,876)
—
(108,270) (266,876)
(195,220)

3,831,526		 250,609
3,580,917

3,636,306		 3,831,526

Notes to the statement of cash flows for the year to 31 March 2024.

A Reconciliation of net movement in funds to net cash provided by operating activities

2024
£		 2023
£
Net movement in funds (as per the statement of financial activities)
Adjustments for:
Depreciation charge
Bank interest
Net (surplus) loss on disposal of tangible fixed assets
(Increase) decrease in debtors
Increase (decrease) in creditors
Net cash(used in) provided by operating activities		 (363,567)
327,673
(34,000)
(6,547)
(30,399)
19,890		 (63,418)
350,559
—
11,946
469,215
(250,817)
(86,950) 517,485

B Analysis of net debt i.e. cash and cash equivalents

Analysis of net debt i.e. cash and cash equivalents
2023
£		 2023
£
Cash at bank and in hand
Total cash and cash equivalents		 3,636,306 3,831,526
3,636,306 3,831,526

The Sacred Hearts Sisters 1983 Charitable Fund 26

Principal accounting policies 31 March 2024

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.

Basis of preparation

These accounts have been prepared for the year to 31 March 2024 with comparative information provided in respect to the year to 31 March 2023.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The accounts are presented in sterling and are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

Preparation of the accounts requires the trustees and management to make significant judgments and estimates.

The items in the accounts where these judgements and estimates have been made include:

Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of at least one year from the date of approval of these accounts.

The trustees have concluded that the charity will have sufficient resources to meet its liabilities as they fall due.

The Sacred Hearts Sisters 1983 Charitable Fund 27

Principal accounting policies 31 March 2024

Income recognition

Income is recognised in the period in which the charity has entitlement to the income, the amount of income can be measured reliably, and it is probable that the income will be received.

Income comprises donations, investment income and interest receivable, income from charitable activities and other income including the surplus on the disposal of tangible fixed assets and other property.

Donations are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity, and it is probable that those conditions will be fulfilled in the reporting period.

In accordance with the Charities SORP FRS 102 volunteer time is not recognised.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Income from charitable activities comprises fees and related charges for the provision of education. In addition to fees and related charges in respect to the provision of education, the charity’s two schools receive grants from the Department for Education and other trusts and foundations.

Income derived from the levying of fees and charges for the provision of education is measured at the fair value of the consideration received or receivable, excluding discounts and rebates.

Grants from government departments and other trusts and foundations have been included as income from charitable activities where these amount to a contract for services, but as donations where the money is given in response to an appeal or with greater freedom of use, for example monies for core funding.

Income from other sources includes the surplus on the disposal of tangible fixed assets and property assets and miscellaneous income. The surplus on the disposal of tangible fixed assets and property assets is measured at fair value being the difference between the disposal proceeds and the net book value of the assets at the time of sale less any costs associated with the disposal. Such income is accounted for on an accruals basis and is accrued for with effect from the date on which the income is receivable under a signed contract for sale.

Other miscellaneous income is measured at fair value and accounted for on an accruals basis.

The Sacred Hearts Sisters 1983 Charitable Fund 28

Principal accounting policies 31 March 2024

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings.

Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the charity through the provision of education. Such costs included in providing education at the charity’s two schools for children with special needs include:-

All expenditure is stated inclusive of irrecoverable VAT.

Allocation of support and governance costs

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of personnel development, financial procedures, provision of office services and equipment and a suitable working environment.

Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice.

Support costs and governance costs are apportioned directly to the activity to which they relate or an allocation is made based on the proportion of the direct expenditure on each activity.

The Sacred Hearts Sisters 1983 Charitable Fund 29

Principal accounting policies 31 March 2024

Tangible fixed assets

The original land and buildings were financed and provided by the Congregation and as such the assets were transferred to the CIO at 31 March 2019. Expenditure to adapt and improve the buildings financed directly by the schools is capitalised in these accounts. Such improvements are depreciated at between 2% and 10% per annum.

The specialist cycle track at Pield Heath House School is depreciated at 5% per annum (i.e. over 20 years) on a straight line basis.

Major building improvements are capitalised and depreciated on a straight line basis at a rate of 10% per annum in order to write the improvements off over their estimated useful life to the charity.

Expenditure on the purchase and replacement of items of furniture and equipment, including computer equipment, with a cost in excess of £2,000 is capitalised and depreciated over a three to five year period on a straight line basis.

Motor vehicles are capitalised and depreciated over a four year period on a straight line basis, in order to write off each vehicle over its estimated useful life.

Debtors

Debtors are recognised at their settlement amount, less any provision for nonrecoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

The Sacred Hearts Sisters 1983 Charitable Fund 30

Principal accounting policies 31 March 2024

Fund accounting

The general fund comprises those monies which may be used towards meeting the charitable objectives of the charity and which may be applied at the discretion of the trustees.

The tangible fixed assets fund represents the net book value of those tangible fixed assets which are not financed out of restricted funds or included in the schools and homes fund.

Fund accounting (continued)

The designated funds are monies set aside out of general funds and designated for specific purposes, although the trustees may ultimately use such funds for other purposes.

The restricted funds are monies raised for, and their use restricted to, a specific purpose, or donations subject to donor-imposed conditions.

Pension costs

Contributions in respect to defined benefit schemes are recognised in the statement of financial activities so as to spread the cost of pensions over employees’ working lives.

Contributions in respect to defined contribution schemes are charged to the statement of financial activities in the year in which they are payable to the schemes.

Services provided by members of the Congregation

For the purpose of these accounts, no monetary value has been placed on the administrative and other services provided by the members of the Congregation who are trustees.

Operating leases

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the statement of financial activities on a straight-line basis over the lease term.

The Sacred Hearts Sisters 1983 Charitable Fund 31

Notes to the accounts 31 March 2024

1 Donations and legacies

Donations and legacies
Unrestricted
funds
£
Restricted
funds
£		 Total
funds
2024
£		 Unrestricted
funds
£		 Restricted
funds
£
Total
funds
2023
£
Total funds:Donations 6,167 10,637 16,804 5,349 5,083
10,432
Income from charitable activities
Unrestricted
funds
£
Provision of education
Education fees and charges
6,973,692
Grants, contracts and
agreements
. Department for Education
.. Base Funding
1,990,000
.. Standards Fund
—
.. Capital improvements grant
—
.. Conditions grant
—
.. Covid Catch up Premium
—
.. Early Careers Grant
—
.. Covid Vaccination grant
—
.. Covid Tutoring Grant
—
.. Covid Recovery Premium
—
.. Teachers’ Pension Grant
—
.. PE Grant
—
.. Teachers’ Pay Grant
—
.. Pupil Premium
—
1,990,000
Total funds
8,963,692
Restricted
funds
£		 Total
funds
2024
£		 Unrestricted
funds
£		 Restricted
funds
£
Total
funds
2023
£
Provision of education
Education fees and charges
Grants, contracts and
agreements
. Department for Education
.. Base Funding
.. Standards Fund
.. Capital improvements grant
.. Conditions grant
.. Covid Catch up Premium
.. Early Careers Grant
.. Covid Vaccination grant
.. Covid Tutoring Grant
.. Covid Recovery Premium
.. Teachers’ Pension Grant
.. PE Grant
.. Teachers’ Pay Grant
.. Pupil Premium
Total funds		 6,973,692 — 6,973,692 6,773,864 —
6,773,864
1,990,000
—
—
—
—
—
—
—
—
—
—
—
—		 —
—
44,802
39,761
35,174
945
—
8,137
41,124
42,847
20,837
169,556
73,909		 1,990,000
—
44,802
39,761
35,174
945
—
8,137
41,124
42,847
20,837
169,556
73,909		 1,993,333
—
—
—
—
—
—
—
—
—
—
—
—		 —
16,184
82,214
39,363
32,558
—
2,105
14,038
31,871
103,055
7,000
55,035
73,596		 1,993,333
16,184
82,214
39,363
32,558
—
2,105
14,038
31,871
103,055
7,000
55,035
73,596
1,990,000 477,092 2,467,092 1,993,333 457,019
2,450,352
8,963,692 477,092 9,440,784 8,767,197 457,019
9,224,216

2 Income from charitable activities

3 Income from other sources

Unrestricted
funds
£
Restricted
funds
£		 Total
funds
2024
£		 Unrestricted
funds
£		 Restricted
funds
£
Total
funds
2023
£
Total funds:Other
miscellaneous income		 102,421 21,981 124,402 46,075 9,918
55,993

4 Provision of education

Provision of education
Unrestricted
funds
£
Restricted
funds
£		 Total
funds
2024
£		 Unrestricted
funds
£		 Restricted
funds
£
Total
funds
2023
£
Teaching
Welfare
Premises (including
depreciation)
Management of the schools
Allocation of support costs
(note 5)
Total funds		 6,915,493
588,454
1,055,974
771,674
51,760		 516,403
40,823
45,032
491
—		 7,431,896
629,277
1,101,006
772,165
51,760		 6,422,571
670,142
1,125,594
662,990
38,516		 370,758
25,619
37,869
—
—
6,793,329

695,761

1,163,463

662,990

38,516
9,383,355 602,749 9,986,104 8,919,813 434,246
9,354,059

The Sacred Hearts Sisters 1983 Charitable Fund 32

Notes to the accounts 31 March 2024

5 Support costs

Support costs
Unrestricted
funds
£
Restricted
funds
£		 Total
funds
2024
£		 Unrestricted
funds
£		 Restricted
funds
£
—
—
—
—
Total
funds
2023
£
Legal and professional fees
Governance costs (note 6)
Miscellaneous expenditure
Total funds		 2,040
42,780
6,940		 —
—
—		 2,040
42,780
6,940		 —
29,010
9,506
—

29,010

9,506
51,760 — 51,760 38,516
38,516

6 Governance costs

Governance costs
Unrestricted
funds
£
Restricted
funds
£		 Total
funds
2024
£		 Unrestricted
funds
£		 Restricted
funds
£
—
Total
funds
2023
£
Total funds:
Professional fees		 42,780 — 42,780 29,010
29,010

7 Net (expenditure) income and net movement in funds

This is stated after charging:

Staff costs (note 8)
Auditor’s remuneration:
. Statutory audit – overall accounts
. Non-statutory audit – schools
Depreciation
Operatinglease rentals		 Total
2024
£		 Total
2023
£
8,012,403
4,500
38,280
327,673
40,181		 7,447,609
4,230
24,780
350,559
32,371

8 Staff costs and remuneration of key management

Staff costs and remuneration of key management
2024
£		 2023
£
Staff costs during the year were as follows:
Wages and salaries
Social security costs
Other pension costs
Payments to agency staff
Apprenticeship levy		 5,650,452
530,697
617,524		 5,273,724
500,232
566,920
6,798,673
1,196,453
17,277		 6,340,876
1,090,874
15,859
8,012,403 7,447,609

Payments to agency staff reflect the cost of supply teaching staff and agency nurses used because of difficulties recruiting permanent employees as a result of the national shortage of such staff.

2024
£		 2023
£
Staff costs per function were as follows:
Provision of education		 8,012,403 7,447,609

The Sacred Hearts Sisters 1983 Charitable Fund 33

Notes to the accounts 31 March 2024

8 Staff costs and remuneration of key management (continued)

There were five employees (2023 - five) who earned between £60,000 and £70,000 per annum, four employees (2023 - two) who earned between £70,001 and £80,000 per annum, and one employee (2023 – nil) who earned between £80,001 and £90,000 per annum (excluding employer’s pension contributions but including taxable benefits) during the year. Employer’s pension contributions into the defined benefit scheme for those employees totalled £152,231 (2023 - £114,251).

The average number of employees, analysed by function, was:

2024
No.		 2023
No.
Provision of education 195 198

During the year, the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis comprised the trustees and Headteachers of the schools. The total remuneration (including taxable benefits and employer’s pension contributions) of the key management personnel for the year was £238,123 (2023 - £211,406).

No trustee received any remuneration in respect to their services during the year (2024 - £nil) nor any reimbursements of expenses (2024 - £nil).

9 Taxation

The Sacred Hearts Sisters 1983 Charitable Fund is a registered charity and, therefore, is not liable to income tax or corporation tax on income or gains derived from its charitable activities, as they fall within the various exemptions available to registered charities.

10 Tangible fixed assets

Tangible fixed assets Tangible fixed assets
Freehold
building
mprovements
£
Cost
At 1 April 2023
4,379,626
Additions
139,544
Disposals
—
At 31 March 2024
4,519,170
Depreciation
At 1 April 2023
2,097,618
Charge for the year
219,843
On disposals
—
At 31 March 2024
2,317,461
Net book values
At 31 March 2024
2,201,709
At 31 March 2023
2,282,008		 Furniture &
equipment
£		 Motor
vehicles
£		 Total
£
Cost
At 1 April 2023
Additions
Disposals
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
On disposals
At 31 March 2024
Net book values
At 31 March 2024
At 31 March 2023		 4,379,626
139,544
—		 840,127
4,758
—		 184,068
—
(21,395)		 5,403,821
144,302
(21,395)
4,519,170 844,885 162,673 5,526,728
2,097,618
219,843
—		 595,952
102,957
—		 179,186
4,873
(21,393)		 2,872,756
327,673
(21,393)
2,317,461 698,909 162,666 3,179,036
2,201,709 145,976 7 2,347,692
2,282,008 244,175 4,882 2,531,065

The Sacred Hearts Sisters 1983 Charitable Fund 34

Notes to the accounts 31 March 2024

10 Tangible fixed assets (continued)

The freehold to the original land and buildings which are occupied by the Schools is held by The Sisters of the Sacred Hearts of Jesus and Mary CIO. As a consequence, the original land and buildings are not included on the balance sheet of the charity.

11 Debtors

Debtors
Education fees and charges
Prepayments and accrued income
Other debtors		 2024
£
472,211
103,547
2,431
578,189		 2023
£
465,220
79,931
3,689
548,840

12 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Social security and other taxes
Accruals and deferred income
Expense creditors
Other creditors		 2024
£
64,679
46,971
284,139
20,924
416,713		 2023
£
53,287
137,587
211,516
—
402,390

13 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust to be applied for specific purposes:

At 1
April
2023
£		 Income
£		 Expenditure
£
(53,602)
(3,419)
(58,007)
(13,193)
(474,528)
(602,749)
At 31
March
2024
£
243,903
19,379
29,168
131,931
233,111
657,492
Capital grants fund
St John’s R.C. Special School development fund
Pield Heath House School appeal fund
Pield Heath House School cycle track and mobility
training centre fund
Other restricted funds		 252,703
22,798
87,175
145,124
242,731		 44,802
—
—
—
464,908
750,531 509,710
At 1
April
2022
£		 Income
£		 Expenditure
£
(52,544)
(3,419)
(6,511)
(13,193)
(358,579)
(434,246)		 At 31
March
2023
£
252,703
22,798
87,175
145,124
242,731
750,531
Capital grants fund
St John’s R.C. Special School development fund
Pield Heath House School appeal fund
Pield Heath House School cycle track and mobility
training centre fund
Other restricted funds		 223,033
26,217
92,434
158,317
212,756		 82,214
—
1,252
—
388,554
712,757 472,020

The Sacred Hearts Sisters 1983 Charitable Fund 35

Notes to the accounts 31 March 2024

The specific purposes for which the funds are to be applied are as follows:

This fund represented the liability of the trustees to repay to Government Departments any grants made from public funds towards the capital costs of buildings, additions or improvements thereto, such grants being subject to an undertaking to repay in the event of the asset ceasing to be used for the purpose for which the grant was made.

In the event that the appeal fund is dissolved for any reason, any assets remaining shall be given to the school for its general purposes.

In the event that the premises no longer function as a school, the monies may be used at the discretion of the trustees of the Sacred Hearts Sisters 1983 Charitable Fund.

Transfers from the fund represent expenditure on tangible fixed assets. When the asset is purchased, an amount equal to its cost is released to unrestricted funds.

These funds comprise grants and donations received mainly in order to fund events at, and the purchase of equipment within, certain of the charity’s homes and schools.

14 Tangible fixed assets fund

Tangible fixed assets fund
Total
2024
£		 Total
2023
£
At 1 April 2023
Net movement in year
At 31 March 2024		 1,926,612
(160,820)		 2,066,669
(140,057)
1,765,792 1,926,612

The tangible fixed assets fund represents the net book value of the charity’s tangible fixed assets which have not been financed out of restricted funds or the schools and home fund. A decision was made to separate this fund from the other funds of the charity in recognition of the fact that the tangible fixed assets are essential to the day to day work of the charity and as such their value should not be regarded as funds that would be realisable with ease, in order to meet future contingencies.

The Sacred Hearts Sisters 1983 Charitable Fund 36

Notes to the accounts 31 March 2024

15 Analysis of net assets between funds

Analysis of net assets between funds
General
fund
£		 Tangible
fixed
assets
fund
£		 Restricted
funds
£		 Total
2023
£
Fund balances at 31 March 2023 are represented by:
Tangible fixed assets
Net current assets
Total net assets		 —
3,722,190		 1,765,792
—		 581,900
75,592		 2,347,692
3,797,782
3,722,190 1,765,792 657,492 6,145,474
General
fund
£		 Tangible
fixed
assets
fund
£		 Restricted
funds
£		 Total
2023
£
Fund balances at 31 March 2023 are represented by:
Tangible fixed assets
Net current assets
Total net assets		 —
3,831,898		 1,926,612
—		 604,453
146,078		 2,531,065
3,977,976
3,831,898 1,926,612 750,531 6,509,041

16 Pension commitments

Retirement benefits for teachers are provided by a defined benefit scheme, the Teachers’ Pension Scheme (TPS) and to other staff by a defined contribution scheme.

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers’ Pension Scheme Regulations 2014. These regulations apply to teachers in schools and other educational establishments. Membership is automatic for teachers at eligible institutions. Teachers are able to opt out of the TPS.

The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary - these contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

Valuation of the Teachers’ Pension Scheme

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is to ensure scheme costs are recognised and managed appropriately and the review specifies the level of future contributions.

Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2020. The valuation report was published by the Department for Education on 27 October 2023, with the SCAPE rate, set by HMT, applying a notional investment return based on 1.7% above the rate of CPI. The key elements of the valuation outcome are:

The Sacred Hearts Sisters 1983 Charitable Fund 37

Notes to the accounts 31 March 2024

16 Pension commitments (continued)

The result of this valuation were implemented from 1 April 2024.The next valuation result is due to be implemented from 1 April 2028.

The employer contributions payable to the Scheme for the year were £492,305 (2023 - £445,552).

A copy of the valuation report and supporting documentation is on the Teachers’ Pensions website (teacherspensions.co.uk).

Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The School is unable to identify its share of the underlying assets and liabilities of the plan. Accordingly, the School has taken advantage of the exemption in FRS 102 and has accounted for its contributions to the scheme as if it were a defined contribution scheme. The School has set out above, the information available on the scheme.

17 Operating lease commitments

At 31 March 2024, the charity had the following future minimum commitments under noncancellable leases:

cancellable leases:
Equipment
2024
£		 2023
£
Operating lease payments due:
. Within one year
. One to two years
. Two to five years		 39,395
18,483
39,725		 30,210
29,061
26,064
97,603 85,335

18 Related party transactions

Certain of the trustees of the Charitable Trust are also trustees of the Sisters of the Sacred Hearts of Jesus and Mary CIO, (Charity Registration Number: 1179804).

During the year the Charitable Trust paid the CIO £6,884 (2023 - £9,323) towards staffing costs borne by the CIO in administering the Charitable Trust. The Charitable Trust paid the CIO £151,000 (2023 - £217,500) in the year as a rental for the two schools’ buildings occupied under licence by the Charitable Trust.

There were no other related party transactions during the year which require disclosure (2023 - none).

The Sacred Hearts Sisters 1983 Charitable Fund 38

Notes to the accounts 31 March 2024

19 Contingent liability

A contingent liability arises in respect of allegations concerning the standard of care provided to children at the Congregation's schools between approximately 1960 and 1980. The amount involved cannot be quantified, but the trustees deny any liability based on the facts available to them.

20 Ultimate control

The charity, which is constituted as a trust, was controlled throughout the period by the Sisters of the Sacred Hearts of Jesus and Mary by virtue of the fact that the members of the Congregation and/or the Superior General appoint the trustees. The Congregation within the United Kingdom does not hold any assets, incur liabilities or enter into transactions in its own right. Assets and liabilities of the Congregation in the United Kingdom are vested in the trustees of the charity, who undertake all transactions entered into in the course of the Congregation’s charitable activities in the United Kingdom.

21 Post balance sheet events

Following the year end, Pield Heath House School received confirmation from its insurers that it will receive £100k from its insurers in relation to losses incurred in 2021/22

There were no other post balance sheet events requiring disclosure in the financial statements (2023 – none).

The Sacred Hearts Sisters 1983 Charitable Fund 39